- Bitcoin surpasses Saudi Aramco as the 7th largest asset, with a market cap of $1.81T, driven by institutional and regulatory boosts.
- Bitcoin’s dominance grows to nearly 60% as trading volumes soar, reflecting strong market confidence amid rising institutional interest.
- Analysts predict Bitcoin will finish 2024 strong, with December prices forecasted to average $99,696.59, fueled by favorable market trends.
Bitcoin has surged past oil giant Saudi Aramco to become the world’s 7th largest asset by market capitalization, as reported by WatcherGuru.
This achievement follows Bitcoin’s earlier overtaking of silver and Meta’s market caps, highlighting its rise in the global asset rankings. Bitcoin’s market cap is now $1.81 trillion, slightly higher than Saudi Aramco’s $1.79 trillion valuation. Bitcoin now trails only behind tech giants such as Nvidia, Apple, Microsoft, Amazon, and Alphabet.
Experts attribute Bitcoin’s growth largely to increasing institutional interest in cryptocurrency and a notable shift in U.S. regulatory sentiment. With the 2024 U.S. presidential election approaching, expectations are growing that Bitcoin will gain further momentum under a pro-crypto administration.
Market Trends Highlight Bitcoin’s Strength
Bitcoin’s price of $92,877.47 reflects a 7.81% gain over the past 24 hours, with trading volumes reaching $111.4 billion. The circulating supply of 19.78 million BTC, coupled with a capped maximum supply of 21 million BTC, continues to support Bitcoin’s scarcity-driven value proposition. Additionally, Bitcoin’s dominance in the cryptocurrency market has risen to 59.99%, signifying a broader market shift away from altcoins as traders refocus on Bitcoin.
Data from the Crypto Fear and Greed Index, which sits at an Extreme Greed level of 84, suggests that market confidence is high. Historically, however, such elevated levels of sentiment can lead to increased volatility, a factor that cautious investors may be monitoring closely.
Institutional Investment and Regulatory Shifts Drive Growth
The recent increase in Bitcoin’s market cap is due in part to increased institutional investment, particularly with the launch of the first U.S.-based Bitcoin ETF earlier this year. This development has allowed mainstream financial institutions to participate in Bitcoin trading, contributing to its value growth.
Read also: Bitcoin Spot ETFs See $1.1 Billion Inflow as BTC Price Breaks New Records
The regulatory landscape has also become more favorable, with the upcoming U.S. presidential administration expected to bring pro-crypto policies. This combination of institutional support and regulatory progress is anticipated to sustain Bitcoin’s growth trajectory in the coming months.
Market Sentiment and Trading Activity Hint at Possible Correction
While Bitcoin’s price surge has drawn widespread interest, some trading indicators point to potential market consolidation. A cautious outlook is suggested by futures data, where open interest has risen by 8.27%, yet trading volume has dropped by 27%.
Funding rates remain balanced, indicating a market where neither bulls or bears hold a clear advantage. Additionally, leading traders on platforms like Binance and OKX have begun reducing long positions, potentially anticipating a short-term correction or stabilization in Bitcoin’s price.
Market projections remain optimistic, with analysts expecting Bitcoin’s minimum price in December 2024 to stay above $100,559.71. Projections suggest a potential high of $98,833.47 for the month, with an average trading price around $99,696.59.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
